Anonymous
10/07/2013 14:21
Subject: What should I do with $300k?
Savings of $200 per month invested with a 3% annual return will get you $300,000 in about 53 years.
Savings of $200 per month invested with a 10% annual return will get you $300,000 in about 27 years.
Savings of $2000 per month invested at 3% annual return will get you $300,000 in about 11 years
Savings of $2000 per month invested at 10% annual return will get you $300,000 in about 8.5 years
Savings of $200 per month invested with a 10% annual return will get you $300,000 in about 27 years.
Savings of $2000 per month invested at 3% annual return will get you $300,000 in about 11 years
Savings of $2000 per month invested at 10% annual return will get you $300,000 in about 8.5 years
Anonymous
10/07/2013 12:07
Subject: Re:What should I do with $300k?
Outside of our first car and primary home mortgages, we've never carried debt. Buy what you can pay for, spend less than you earn, pray for good health and reasonable investments. This was our formula anyway and after 20 years, we have a substantial net worth (and live 100% debt-free).
Anonymous
10/07/2013 12:00
Subject: What should I do with $300k?
They saved more than $200 a month. It's not rocket science or luck or whatever you think it is. It's saving and spending less than you bring in. Simple.
Anonymous
10/07/2013 11:57
Subject: What should I do with $300k?
Anonymous wrote:Anonymous wrote:Anonymous wrote:To save $300k, you spend less than you take in. Just keep doing it. And you do not spend savings.
Really? For how long?What if you only have $200 leftover a month?
Then it will take you 125 years to reach $300K if you stick the money in a place with no interest, less if you invest it.
exactly, my point which is why I was asking the OP how they were able to save that much money because obviously it did not take them 125 years
Anonymous
10/07/2013 11:55
Subject: What should I do with $300k?
Anonymous wrote:Anonymous wrote:To save $300k, you spend less than you take in. Just keep doing it. And you do not spend savings.
Really? For how long?
Then it will take you 125 years to reach $300K if you stick the money in a place with no interest, less if you invest it.
Anonymous
10/07/2013 11:49
Subject: What should I do with $300k?
Anonymous wrote:To save $300k, you spend less than you take in. Just keep doing it. And you do not spend savings.
Really? For how long?
What if you only have $200 leftover a month?
Anonymous
10/05/2013 20:45
Subject: What should I do with $300k?
To save $300k, you spend less than you take in. Just keep doing it. And you do not spend savings.
Anonymous
10/04/2013 21:01
Subject: What should I do with $300k?
What I wanna know is how you were able to save $300k, please do tell, I wanna know
Anonymous
10/04/2013 20:41
Subject: What should I do with $300k?
On the 529 plan, 2013 contribution is $140k (5 years, 2 parents, $14k annual gift tax exemption limit).
Anonymous
10/04/2013 13:15
Subject: What should I do with $300k?
Anonymous wrote:
This. And it saves you $1000 in financial advisor fees.
Just saved *two* people $1000 in financial advisor fees. Thanks!
Anonymous
10/04/2013 11:54
Subject: What should I do with $300k?
Anonymous wrote:First put your money into tax advantaged accounts:
At Vanguard, open IRAs (Roth if your income allows) for you and DH = $11,000. If either of you is self-employed, this number can go up to $51k) Put the money into Target retirement 2040.
Put $130k into a 529 for your son (5 years of contributions at $26,000, you still have access to it in case of emergency). You'll have to pick a 529 plan. I believe Utah's plan uses Vanguard but I'm not sure. Chose a fund that's balanced, perhaps a 2025 (you'll need it in 16 years)
That leaves you with $160.
At Vanguard, put some amount in the money market- I'd suggest $25k. Not 6 months of salary, as you can also sell your mutual funds.
Then I'd put the rest into Vanguard's Wellington Admiral shares - it's a balanced fund, so you don't have to worry about re-balancing.
Voila. Done. Next?
This. And it saves you $1000 in financial advisor fees.
Anonymous
10/04/2013 11:48
Subject: What should I do with $300k?
First put your money into tax advantaged accounts:
At Vanguard, open IRAs (Roth if your income allows) for you and DH = $11,000. If either of you is self-employed, this number can go up to $51k) Put the money into Target retirement 2040.
Put $130k into a 529 for your son (5 years of contributions at $26,000, you still have access to it in case of emergency). You'll have to pick a 529 plan. I believe Utah's plan uses Vanguard but I'm not sure. Chose a fund that's balanced, perhaps a 2025 (you'll need it in 16 years)
That leaves you with $160.
At Vanguard, put some amount in the money market- I'd suggest $25k. Not 6 months of salary, as you can also sell your mutual funds.
Then I'd put the rest into Vanguard's Wellington Admiral shares - it's a balanced fund, so you don't have to worry about re-balancing.
Voila. Done. Next?
At Vanguard, open IRAs (Roth if your income allows) for you and DH = $11,000. If either of you is self-employed, this number can go up to $51k) Put the money into Target retirement 2040.
Put $130k into a 529 for your son (5 years of contributions at $26,000, you still have access to it in case of emergency). You'll have to pick a 529 plan. I believe Utah's plan uses Vanguard but I'm not sure. Chose a fund that's balanced, perhaps a 2025 (you'll need it in 16 years)
That leaves you with $160.
At Vanguard, put some amount in the money market- I'd suggest $25k. Not 6 months of salary, as you can also sell your mutual funds.
Then I'd put the rest into Vanguard's Wellington Admiral shares - it's a balanced fund, so you don't have to worry about re-balancing.
Voila. Done. Next?
Anonymous
10/04/2013 10:41
Subject: What should I do with $300k?
Anonymous wrote:Anonymous wrote:Anonymous wrote:OP here. Thank you. I have been looking at Vanguard after reading your suggestions and it seems great.
You might also want to spend some time at the bogleheads forum. They have a great wiki and as long as you've spent some time reading the wiki and relevant sticky posts are happy to answer questions.
Agree with both of these suggestions.
Yes although you definitely need to do some prep work before posting at Bogleheads ... they won't answer a question like OP posted. They will want details about asset allocation, risk tolerance, income, expenses, etc. If you can provide all that they will give excellent advice. Or, just call Vanguard, and you'd go through a similar process.
Anonymous
10/04/2013 10:20
Subject: What should I do with $300k?
Anonymous wrote:Anonymous wrote:OP here. Thank you. I have been looking at Vanguard after reading your suggestions and it seems great.
You might also want to spend some time at the bogleheads forum. They have a great wiki and as long as you've spent some time reading the wiki and relevant sticky posts are happy to answer questions.
Agree with both of these suggestions.
Anonymous
10/04/2013 09:33
Subject: What should I do with $300k?
Anonymous wrote:OP here. Thank you. I have been looking at Vanguard after reading your suggestions and it seems great.
You might also want to spend some time at the bogleheads forum. They have a great wiki and as long as you've spent some time reading the wiki and relevant sticky posts are happy to answer questions.